Group 1 - The article announces the "2025 December Passenger Car Market Analysis Release Conference" organized by the China Automobile Dealers Association Passenger Car Market Information Joint Conference Secretariat, which will be held online [2][3] - The report will cover various topics including the registration situation of the Shanghai automobile market in November 2025, analysis of adjustments to the purchase tax and consumption tax technical requirements for energy-saving and new energy vehicle products starting in 2026, and a brief analysis of the "14th Five-Year Plan" recommendations [2][3] - Additional reports will include the October 2025 new energy vehicle industry monthly report, a forecast study on the light commercial vehicle market for November 2025, and an in-depth analysis of the national used car market for October 2025 [2][3] Group 2 - The conference will also feature an analysis of the Beijing automobile market for October 2025 and a national passenger car market analysis for November 2025 [3] - The report will be available through the WeChat subscription account (cpca2024) and the official website (www.cpcaauto.com) [2][3] - The event is supported by various organizations including Sohu Auto, Shanghai Information Center, and Ipsos (China) Consulting Co., Ltd. [2]

Core Viewpoint - The article provides an overview of new vehicle launches scheduled for late 2025, detailing specifications, pricing, and market segments for various manufacturers [2][70]. Group 1: Vehicle Launches - Chery Automobile is set to launch the Exeed ET5 on November 28, 2025, positioned as a B SUV with a price range of 144,900 to 159,900 CNY [7][4]. - FAW-Volkswagen will introduce the Volkswagen Tayron L on the same date, also classified as a B SUV, with prices ranging from 207,900 to 259,900 CNY [15][12]. - Beijing Off-road will release the BJ60 on November 30, 2025, categorized as a C SUV with a price of 295,800 CNY [23][20]. - Dongfeng Nissan's Nissan N6 is scheduled for December 1, 2025, as a B NB vehicle with prices from 99,900 to 129,900 CNY [31][28]. - Seres Automotive will launch the Blue Electric E5 Plus on December 3, 2025, a B SUV priced between 139,800 and 143,800 CNY [39][36]. - Changan Ford's Mondeo will debut on December 4, 2025, as a B NB vehicle with a price range of 149,800 to 199,800 CNY [47][44]. - Great Wall Motors will introduce the Tank 300 Hi4-T on the same day, classified as an A SUV with a price of 249,800 CNY [55][52]. - NIO will launch the L60 on December 5, 2025, a B SUV priced at 211,900 CNY [63][60]. Group 2: Technical Specifications - The Exeed ET5 features a 1.5T range extender engine with an electric motor, offering a pure electric range of 210 km and a battery capacity of 32.66 kWh [7][6]. - The Volkswagen Tayron L offers multiple engine options, including a 1.5T and a 2.0T, with power outputs ranging from 118 kW to 162 kW [15][14]. - The BJ60 is equipped with a 1.5T range extender engine and has a battery capacity of 40.3 kWh, providing a pure electric range of 152 km [23][22]. - The Nissan N6 features a 1.5L plug-in hybrid engine with a battery capacity of 20.3 to 21.1 kWh, offering a pure electric range of 170 to 180 km [31][30]. - The Blue Electric E5 Plus has a 1.5L plug-in hybrid engine and offers a pure electric range of 155 to 230 km, depending on the variant [39][38]. - The Mondeo features a 1.5T hybrid engine with a maximum power output of 140 kW and a torque of 222 Nm [47][46]. - The Tank 300 Hi4-T is powered by a 2.0T plug-in hybrid engine, delivering 185 kW and 385 Nm of torque [55][52]. - The L60 is a fully electric vehicle with a power output of 240 kW and a battery capacity of 60 kWh, providing a range of 530 km [63][60].

Core Viewpoint - The article highlights the upcoming launch of four significant new car models in December, emphasizing their advanced features and market positioning, which cater to the growing demand for luxury and technologically advanced vehicles in the automotive industry [1]. Group 1: Upcoming Models - The four new models set to launch are: 1. Lantu Zhaiguang L, a high-end plug-in hybrid sedan with a focus on luxury and advanced technology [2]. 2. Jishi ADAMAS, a flagship all-terrain luxury SUV designed for global markets, featuring a robust design and advanced driving capabilities [5]. 3. Toyota Corolla, a new generation sedan that incorporates the latest design language and enhanced powertrain options [6]. 4. Audi Q5L, a mid-size luxury SUV tailored for the Chinese market, showcasing a blend of sportiness and luxury [8]. Group 2: Key Features of Each Model - **Lantu Zhaiguang L**: - Dimensions: 5125mm length, 1985mm width, 1522mm height, with a wheelbase of 3010mm - Powertrain: 1.5T hybrid engine with a total output of 390kW, 0-100 km/h in 4.8 seconds, and a pure electric range of 410 km [3]. - Interior: Features a three-screen system with advanced comfort options including heated and ventilated seats [3]. - **Jishi ADAMAS**: - Dimensions: 5050mm length, 1985mm width, 1856mm height, with a wheelbase of 3010mm - Powertrain: 1.5T range-extended system with a total output of 350kW and a pure electric range of 235 km [5]. - Interior: Offers a luxurious cabin with advanced technology integration, including a voice assistant and multiple seating configurations [6]. - **Toyota Corolla**: - Dimensions: 4710mm length, 1780mm width, 1435mm height, with a wheelbase of 2750mm - Powertrain: Available with a 2.0L gasoline engine producing 126kW and a 1.8L hybrid system [7]. - Features: Enhanced interior design with a dual-screen setup and standard Toyota Pilot driver assistance systems [7]. - **Audi Q5L**: - Dimensions: 4842mm length, 1900mm width, 1660mm height, with a wheelbase of 2945mm - Powertrain: Equipped with a 2.0TFSI engine available in two power outputs, featuring quattro all-wheel drive [8]. - Interior: Incorporates a four-screen interactive layout with high-quality materials and advanced technology [8]. Group 3: Market Trends - The article notes a trend towards luxury and sporty designs in new vehicle launches, with a strong emphasis on multi-screen technology and intelligent driving features, catering to various segments including mid-to-high-end sedans and luxury SUVs [10].

Domestic News - In the first 11 months, over 11.2 million vehicles were replaced through the old-for-new policy, contributing to a sales volume exceeding 2.5 trillion yuan, benefiting over 360 million people [2] - From January to October, China imported 404,000 complete vehicles, a year-on-year decrease of 30%, with an import value of 20.25 billion USD, down 38.3% year-on-year [3] - GAC Group announced a year-end vehicle purchase tax subsidy plan, offering up to 15,000 yuan in subsidies for eligible customers [4] - Leap Motor launched a December purchase incentive program, providing cash discounts of up to 17,000 yuan on various models [5] - FAW's Middle East company was officially unveiled in Abu Dhabi, marking a new phase in Hongqi's overseas business [6][7] - BYD introduced its first plug-in hybrid vehicle, the Sealion 6 SUV, in Japan, targeting the local market dominated by Toyota [8] - Cao Cao Mobility announced a strategic goal for its Robotaxi service, aiming for a "ten years, hundred cities, and hundred billion" target, along with the launch of a green intelligent transportation hub [9] - Fudi Battery signed a strategic cooperation agreement with the government of Zhijiang City to promote new energy projects [10] International News - Spain plans to invest approximately 1.5 billion USD to support the electric vehicle market and industry chain development as part of its 2035 strategic plan [11] - South Africa's new vehicle sales reached 54,896 units in November, marking a 12.5% year-on-year increase, although it saw a 1.9% month-on-month decline [12] - Suzuki announced an investment of 2.5 billion rupees (approximately 196 million yuan) to build 2,000 electric vehicle charging stations in India [13] - India's automotive sales saw significant growth in November, with Maruti Suzuki reporting a 21% year-on-year increase, while Mahindra and Tata Motors also experienced a 22% rise [14] Commercial Vehicles - Weichai Power and Shaanxi Automobile launched a new high-efficiency engine, the WP12H-2.0, focusing on fuel efficiency [15] - Haikou plans to implement a full ban on light fuel trucks in designated zero-emission demonstration zones starting January 1, 2026 [16] - The 2026 Pickup Annual Model Evaluation has officially started, with 11 new pickup models participating in the assessment [17] - Jiangling's Baodian pickup has made its debut in Tunisia, marking a significant step for the brand in the North African market [18]

点 击 蓝 字 关 注 我 们 本文全文共 1479 字，阅读全文约需 5 分钟 《"十五五"规划建议》发布 经济发展目标：到2035年人均GDP达到中等发达国家水平 "十五五"规划提出坚持以经济建设为中心，强调"经济增速保持在合理区间"，并锚定2035年远景目标。为 实现2035年人均GDP达到中等发达国家水平，意味着当前和未来一段时期我国经济增长需要保持适当速度。 10月24日，党的二十届四中全会审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》，28日《建议》正式发布，明确把"建设现代化产业体系，巩固壮大实体经济根基"摆在战略任务的第 一条。 | "十五五"规划(2026-2030年) | 主题主线:坚持以经济建设为中心,以推动高质量发展为主题 | | | | --- | --- | --- | --- | | 历史方位 | 经济社会发展主要目标 | 战略任务 | | | "十五五"时期是基本实现社会主义 | 1高质量发展取得显著成效 | 建设现代化产业体系,巩固壮大 | 加快高水平科技自立自强,引领 | | 现代化夯实基础、全面发力的关键时 | 2科技自立自强水平大幅提高 | 实 ...

Core Viewpoint - The article discusses the findings of the "2025 November China Car Retention Rate Research Report," highlighting the importance of retention rates as indicators of brand strength and market dynamics, which can inform various business strategies in the automotive industry [2]. Group 1: Retention Rate Insights - The retention rate data reflects the relationship between market conditions, industry trends, and brand development, serving as a comprehensive measure of a brand's product strength, recognition, and reputation [4]. - The retention rate rankings are based on the selling prices of used cars in good condition (B2C), providing a clear picture of market performance [4]. Group 2: Policy Directions - The new national standard for vehicle safety, organized by the Ministry of Public Security, aims to enhance safety measures rather than focusing solely on industrial innovation or commercial issues, indicating a shift towards stricter safety regulations [6]. - The increasing penetration of new energy vehicles and advanced driver assistance systems has led to a rise in safety incidents, necessitating improved legislative and regulatory frameworks [6]. Group 3: Market Trends - The export of second-hand cars is gaining traction, with policies in place to support healthy development in this sector, including the recent initiatives from Shanghai to promote positive examples [8]. - The adjustment of vehicle purchase tax has stimulated consumer demand, leading to a significant increase in the availability of second-hand cars, which in turn supports new car sales [12]. Group 4: Retention Rate Variations - There is a notable decline in retention rates across different vehicle categories, with MPVs and large SUVs generally maintaining higher rates due to their comfort and functionality, while compact cars and small SUVs are experiencing lower rates [15]. - The current trends in product design are affecting the retention rates of compact sedans and small SUVs, although this does not fully capture the demand dynamics in the second-hand market [15]. Group 5: New Energy Vehicle Market Changes - Government procurement plays a crucial role in promoting the new energy vehicle industry, with policies emphasizing the need for specific technical standards, creating commercial opportunities for various vehicle categories [17]. - The competitive landscape for new energy vehicles is intensifying, particularly in the new car market, while the second-hand market shows limited price elasticity, indicating a significant drop in retention rates [20].

Market Overview - In November 2025, the retail sales of passenger cars in China reached 2.263 million units, a year-on-year decrease of 7%, but a month-on-month increase of 1%. Cumulatively, retail sales for the year reached 21.519 million units, up 6% year-on-year [2][6] - The wholesale volume of passenger cars in November 2025 was 2.992 million units, a year-on-year increase of 2% and a month-on-month increase of 2%. Year-to-date wholesale volume reached 26.766 million units, up 11% year-on-year [2][10] - The retail sales of new energy vehicles (NEVs) in November 2025 were 1.354 million units, a year-on-year increase of 7% and a month-on-month increase of 6%. Year-to-date retail sales of NEVs reached 11.504 million units, up 20% year-on-year [2][10] Retail and Wholesale Trends - The retail penetration rate of NEVs in November 2025 was 59.8%, while the wholesale penetration rate was 57.5% [3] - The average daily retail sales for the first week of November were 46,000 units, down 19% year-on-year, while the fourth week saw an increase to 126,000 units, up 2% year-on-year [5][6] - The wholesale volume for the first week of November was 52,000 units, down 22% year-on-year, but increased to 186,000 units in the fourth week, up 19% year-on-year [9][10] Profitability and Industry Performance - From January to October 2025, the automotive industry generated revenues of 887.78 billion yuan, a year-on-year increase of 7.9%, with profits of 38.95 billion yuan, up 4.4% year-on-year. The industry's profit margin stood at 4.4% [11] - The automotive industry is experiencing lower profitability compared to other industrial sectors, with a profit margin of 3.9% in October 2025, down from 4.1% in October 2024 [11][12] Global Market Share - In October 2025, China's automotive market share reached 38%, an increase of 1 percentage point year-on-year. Cumulatively, from January to October 2025, China's automotive sales were 27.65 million units, up 12% year-on-year [13] - Among the top 10 global automakers, three Chinese companies—BYD, Geely, and Chery—saw significant increases in their market shares [13] Export Performance - From January to October 2025, China exported 6.46 million vehicles, a year-on-year increase of 22%. In October alone, exports reached 820,000 units, up 40% year-on-year [15] - The export of NEVs in October 2025 was 328,000 units, a year-on-year increase of 65%, with a total of 2.65 million NEVs exported from January to October, up 54% year-on-year [15][17] Battery Supply and Demand - The demand for lithium batteries is expected to stabilize in the coming year, with a short-term peak in demand currently observed. The international demand for new energy vehicles is weak, influenced by policy changes in the US and Europe [14] - The current profit distribution structure in the automotive industry is unsustainable, with 85% of the total profits belonging to battery companies, leading to significant profit shrinkage for major vehicle manufacturers [14]

Core Viewpoint - The latest Vehicle Inventory Alert Index (VIA) for November 2025 indicates a rise in the inventory warning index to 55.6%, reflecting a decline in the automotive circulation industry's prosperity [2][4]. Market Performance - The automotive market in November showed a "front low and back high" trend, with a relatively flat performance in the first half of the month due to earlier consumption surges and tightening of trade-in policies, leading to increased consumer hesitation [4]. - In the latter half of November, market performance improved significantly, driven by promotional activities like "Double 11," the Guangzhou International Auto Show, and the release of new electric vehicle models [4]. - 80% of dealers expressed pessimism about November's market performance, indicating that overall results did not meet expectations [4]. Inventory and Demand Indicators - The inventory, market demand, average daily sales, employment, and operational status indices all showed a month-on-month decline in November [5]. - The national index for November was 55.6%, with regional indices: North at 57.1%, East at 56.8%, West at 55.2%, and South at 52.0% [7]. Brand Performance - The indices for luxury and imported brands increased month-on-month, while the index for domestic brands decreased [8]. Future Market Outlook - December is expected to see a market uptick as manufacturers and dealers strive to meet sales targets through increased promotional efforts [9]. - Dealers anticipate a month-on-month increase in market demand and sales for December, with a general expectation of slight growth in passenger vehicle sales for 2026 [9]. - 25.4% of dealers expect a year-on-year growth of up to 5%, while 20.8% foresee a decline within the same range [9].

Domestic News - Shanghai has strengthened the quality and safety management of public electric vehicle charging and swapping facilities, mandating that all new or updated facilities must use products certified by the CCC certification starting from August 1, 2026 [7] - Hongmeng Zhixing has released a tax subsidy plan for the AITO M9/M8/M7 2026 models, offering up to 15,000 yuan for customers whose vehicles are delayed in delivery due to non-user reasons [8] - Li Auto has announced a strategic partnership with Zeiss, with a product launch event scheduled for December 3, 2025 [9] - Didi's autonomous driving service has begun all-weather, fully driverless passenger testing in Guangzhou [10] - Beijing Automotive Investment Company has increased its registered capital from approximately 7.96 billion yuan to about 8.96 billion yuan, marking a 13% increase [11] - In October 2025, China's automotive goods import and export total reached 25.31 billion USD, a year-on-year increase of 9.5% [12] - Shanghai Minhang District will open approximately 330 kilometers of autonomous driving test roads [13] - GAC Group has established a charging network with over 1,800 charging stations and more than 22,000 self-operated charging piles across 204 cities in China [14] International News - BMW has set a new interim carbon emission reduction target, aiming to reduce CO2 emissions by at least 60 million tons by 2035 compared to 2019 levels [15] - In October 2025, new car sales in Europe reached 1,097,663 units, a year-on-year increase of 4.9%, marking the fourth consecutive month of growth [17] - Malaysian automaker Perodua has launched its first locally developed electric vehicle, the QV-E, with a development investment of 800 million ringgit (approximately 194 million USD) [18] - NVIDIA and Synopsys have announced an expanded strategic partnership to integrate AI and accelerated computing technologies [19] Commercial Vehicles - CEVA and Windrose EV have completed a cross-border transport test with electric heavy trucks, covering 1,725 kilometers with an average energy consumption of 1.02 kWh/km, achieving a 65% reduction in CO2 emissions [20] - Scania has launched its first localized product, NEXT ERA, in China, marking a significant step in its localization strategy [22][23] - The Fokang F light-duty engine has successfully completed high-performance testing for commercial vehicles, focusing on power output and fuel economy [24] - Maxus has showcased multiple new energy vehicles at the Thailand International Motor Show, enhancing its presence in the Southeast Asian market [25]

Core Viewpoint - The article highlights the growth in China's electricity market transactions and industrial profits, indicating a positive trend in the energy sector and overall industrial performance despite some challenges in specific industries [2][4][6]. Electricity Market Transactions - From January to October 2025, the total electricity market transaction volume reached 54,920 billion kilowatt-hours, a year-on-year increase of 7.9%, accounting for 63.7% of total electricity consumption, up 1.5 percentage points [3]. - In October 2025, the electricity market transaction volume was 5,638 billion kilowatt-hours, showing a year-on-year growth of 15.6% [3]. - Green electricity transactions totaled 283 billion kilowatt-hours in October, marking a 28.4% increase year-on-year [3]. Industrial Profit Performance - In the first ten months of 2025, profits of large-scale industrial enterprises totaled 59,502.9 billion yuan, reflecting a year-on-year growth of 1.9% [6]. - The mining sector saw a profit decline of 27.8%, while the manufacturing sector experienced a profit increase of 7.7% [4]. - Notable profit growth was observed in the non-ferrous metal smelting and rolling processing industry (14.0%), and the electricity, heat, gas, and water production and supply industry (9.5%) [4]. Revenue and Cost Analysis - Large-scale industrial enterprises achieved operating revenue of 113.37 trillion yuan, a year-on-year increase of 1.8%, with operating costs rising by 2.0% to 97.00 trillion yuan [5]. - The operating profit margin was 5.25%, showing a slight increase of 0.01 percentage points year-on-year [5]. - By the end of October, total assets of these enterprises reached 187.23 trillion yuan, up 4.7% year-on-year, while liabilities increased by 5.0% to 108.59 trillion yuan [5]. Purchasing Managers' Index (PMI) Insights - In November 2025, the manufacturing PMI was recorded at 49.2%, indicating a slight improvement from the previous month [10]. - The production index stood at 50.0%, suggesting stability in manufacturing production levels [11]. - The new orders index was at 49.2%, reflecting a slight improvement in market demand [11].